Question 890023: suppose that 5000 is invested at 3.5 interest, compounded quarterly find the money in the account after 3 years ? Answer by nerdybill(7384) (Show Source):
You can put this solution on YOUR website! suppose that 5000 is invested at 3.5 interest, compounded quarterly find the money in the account after 3 years ?
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Compound interest formula:
A = P(1+i/n)^(nt)
A = 5000(1+.035/4)^(4*3)
A = 5000(1+0.00875)^12
A = 5000(1.00875)^12
A = 5000*1.1102035
A = $5551.02
